Freehold apartment block on Dorset Road on the market for $22 mil
This property is less than 500m from Farrer Park MRT Terminal on the North-East Line. This station is one stop from Little India MRT Interchange on the Center as well as North-East Lines. Route connection is through Bukit Timah Road, Serangoon Road, Balestier Road, Moulmein Road, and the Central Expressway.
According to ERA, this equates to a gross floor location of 15,449 sq ft, as well as the all new property development can house approximately 16 flats with a standard dimension of 914.6 sq ft (85 sq m), dependent on authorizations. The a measure rate is about $1,424 psf per plot ratio (ppr). After considering the 7% extra gross flooring area for terraces, the land rate becomes $1,331 psf ppr. “As a result of its high historical standard, the land betterment cost is not outstanding for redeveloping the location,” states ERA.
The location’s appearance is improved because of the successful debut of close-by Piccadilly Grand. The 99-year leasehold integrated development is a common development amongst City Developments (CDL) and MCL Land. The 407-unit project was released in May this year, offering 77% of the overall readily available units moreover accomplishing an usual selling price of $2,150 psf. Piccadilly Grand is about 85% sold since end-October.
The residential property consists of a three-storey walk-up house block with two frontages along Dorset Roadway and Truro Road. It rests on a mixed site area of 11,035 sq ft. The location is zoned “residence” with a gross plot ratio of 1.4 under the current Master Plan.
Primary academies within 1km of the project are Farrer Park Primary School and even St Joseph’s Institution Junior. Different elementary schools around are Anglo-Chinese School (Junior), Bendemeer Primary School, and also St Margaret’s Primary School.
The bordering neighbourhood mainly consists of low-rise condos together with landed houses. The building is near City Square Shopping Center, United Square and even Velocity. Medical professional services such as Farrer Park Hospital also KK Women’s along with Children’s Health center are also close.
A freehold house block at 103A/B and 105A/B Dorset Road has recently been sold with an indicative cost of $22 million. ERA Realty Network is the exclusive marketing agent for the revenue of this building.
The tender for the sale of 103A/B and 105A/B Dorset Road will close on Dec 15.
“This site is suitable for property developers keen to develop a store domestic development situated in a relaxed housing enclave, yet merely minutes far from the buzz of events and a variety of facilities,” claims Tay Liam Hiap, supervising supervisor of investment sales at ERA Real estate.
“Given the recent excellent sale outcomes of Piccadilly Grand, good demand for all new housing units in the area will probably proceed as there are no upcoming fresh debut in the pipeline. An edge for this sale is that it does not need the Strata Titles Boards’ authorization, therefore allowing the successful buyer to promptly turn the spot around moreover launch the unique plan up for sale,” claims Tay.
